NEW YORK CITY COLLEGE OF TECHNOLOGY
William D. Ford Federal
Parent Loan
2015-2016
2015-2016
Things you should know before you become a
William D. Ford Federal Parent Loan
Borrower
Direct Plus Loans: are unsubsidized loans available to parents of
Dependent students’. These
Loans are available regardless of
Financial need; and the amount of eligibility depends on the total
cost of the student’s education.
(The COE includes the total amount it will cost to go to school. Tuition and fees; housing and food allowance; and allowances for books, supplies,transportation, loan fees are included)
The Free Application for Federal Student Aid (FAFSA) must be completed
for the student, using the student's and parent’s information, before a Direct
Parent Plus Loan can be processed.
ALL parents’ must complete a Direct Plus Loan Processing Form. In addition, the parent MUST complete a Direct Plus Master Promissory Note ( If one is not already on file).
1- Direct Parent Plus Loan Processing Form Parents should complete the form and return it to the Financial Aid Office in order to apply for a Direct Parent Plus Loan.
Eligibility
Parent must:
* be a biological or adoptive parent, or a step-parent whose information was required on the FAFSA
* be a U.S. citizen or eligible non-citizen, and provide a valid Social Security Number * be credit worthy
Adverse Credit History
A credit history is a summary of your financial strength, including your
history of paying bills and your ability to repay future loans. To qualify
for a PLUS loan, you cannot have an adverse credit history. Your credit
history may be considered adverse if you are experiencing any of the
following credit conditions:
1. Bankruptcy discharge within the past five years.
2. Voluntary surrender of personal property to avoid repossession within the
last five years.
3. Repossession of collateral within the last five years.
4. Foreclosure proceedings started.
5. Foreclosure within the last five years.
6. Conveying your real property that is subject to a mortgage (by deed) to your
lender to avoid foreclosure (deed in lieu of foreclosure)
7. Accounts currently 90 days or more delinquent
8. Unpaid collection accounts.
9. Charge-offs/write-offs of federal student loans.
10. Wage garnishment within the last five years.
11. Defaulting on a loan, even if the claim has been paid.
12. Lease or contract terminated by default.
Student must:
* be dependent for purposes of financial aid * be enrolled at least half-time (6 credits)
If the dependent student withdraws from all of his/her classes during the semester, the loan will be Pro-rated, based on the length of enrollment.
Adverse Credit:
In the event that the parent’s credit check is denied, the student can request additional Federal Direct Unsubsidized Loan funds.
Interest Rate, Fees, etc.
Interest Rate: The interest rate for Direct Parent Plus Loans is a fixed rate of 7.21%. Interest begins accruing once the loan is disbursed and repayment begins approximately 60 days after the loan is fully disbursed. Deferment is available until 6 months after the student is no longer enrolled at least half time; however, the interest continues to accrue. (Parents must request the deferment of payments)
Fees: An Origination Fee of 4.288% is assessed prior to disbursement.
Annual Loan Limit: Cost of student's education minus any other financial aid.
Cumulative Loan Limit: None
Repayment term: 10 years. Deferment and forbearance options available.
IN-SCHOOL DEFERMENT REQUEST FORM
William D. Ford Federal Plus Loan Processing Form
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SECTION A: TO BE COMPLETED BY STUDENT
Student’s Last Name: First Name:
Social Security Number: - - CUNYFIRST ID#
Which semester are you requesting the loan to be processed for:
Please Indicate the number of credits the student will be enrolled in per semester:
Summer 15 (1) ______Summer 15 (2) ______Summer 15(3)______Summer 15(4)______ Fall 15_______ Spring 16 ________
Student’s Signature:
__________________________
Date:_________
SECTION B: TO BE COMPLETED BY PARENTParent’s Last Name First Name: Social Security Number: - -
Permanent Address: Apt.# City: State: Zip: Telephone: ( ) Date of Birth:
Citizen: Yes: No: Alien Reg. Number: Driver’s License Number: License State:
Are you presently in default of any educational loans?
Loan Amount Requested (parent)
:
SECTION C: TO BE COMPELETED BY PARENT
Employer’s Name: Employer’s Complete Address:
City: State: Zip Code: Employer’s Telephone Number:
How many years with current employer?
Parent Certification: Your signature below certifies that you understand that this is a Federal Loan that must be re-paid. A
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Any person who knowingly makes a false statement or representation on this form shall be subject to penalties which may include fines, imprisonment, or both, under the U.S. Criminal Code and U.S.C. 1097.
Parent’s Signature
:______________________________Date:
_____________Section B: Loan Record Data (for office use only)
Entrance Interview Date:______/_______/______
Name of Program _____________2yr_____ 4yr ______
Total Credits Earned ______as of ___/____/____
Summer 15 (1) Credits ______ Summer 15 (2) Credits ______ Summer 15 (3) Credits ______ Summer 15 (4) Credits ______ Fall 15 Credits ______ Spring 16 Credits ______
Students Financial Awards/ Estimates:
Pell ________ TAP ________ APTS ________ SEOG ________ FWS ________ Perkins ________ SEEK ________ Sub Loan ________ Unsub Loan_______ Other Aid ________ Total Aid ________
Plus Loan Formula
Budget ________
Total Aid ________
Sub Loan ________
Unsub Loan ________
Remaining Need ________
Loan Amount Originated ________
______________________________________ _____________________
